NASHVILLE, TN – Louisiana-Pacific Corporation (NYSE:LPX), a leading manufacturer of quality engineered wood building solutions, announced today the appointment of Leslie Davis as the new Vice President, Controller, and Chief Accounting Officer, effective immediately. This management change occurs in the wake of Derek Doyle stepping down from the same position as part of an internal reorganization.
Ms. Davis brings over 15 years of experience in financial reporting to her new role. She joined Louisiana-Pacific in 2020 and has since served as Assistant Controller and Senior Director of Internal Audit. Her professional background includes significant tenures at Ernst & Young and KPMG, culminating in a role as Senior Manager at Ernst & Young's U.S. Assurance practice. Ms. Davis holds a Bachelor of Science in Accounting and a Master’s degree in Accounting from the University of Kentucky, and is a Certified Public Accountant.
The departure of Mr. Doyle, which took effect today, was not due to any disagreement with the company's operations, policies, or practices related to financial reporting. Mr. Doyle will continue to serve in an advisory capacity through December 31, 2024, to ensure a smooth transition.
Louisiana-Pacific emphasized that this organizational change is part of its ongoing efforts to strengthen the company's leadership structure and financial reporting capabilities. The announcement was made via a filing with the Securities and Exchange Commission and is part of the company's commitment to transparency and sound corporate governance.
In other recent news, Louisiana-Pacific Corporation has been making headlines with its strong performance, particularly in the Siding sector. Both BMO Capital Markets and Loop Capital have raised their price targets for the company to $103 and $117 respectively, while maintaining their current ratings. The company's Siding business experienced a 15% year-over-year increase in volumes and a 6% rise in pricing, contributing to a robust third quarter in 2024 with net sales reaching $722 million.
Furthermore, Louisiana-Pacific has updated its fiscal year 2024 adjusted EBITDA guidance to a range of $655 million to $675 million, a significant increase from the previously projected range. Despite a decline in Oriented Strand Board (OSB) prices, which negatively impacted the company by $88 million, Louisiana-Pacific remains optimistic about its future.
Recent developments also include the company's plans to start a new siding capacity expansion project in fiscal year 2025, and a strategic investment in modular housing in South America.
InvestingPro Insights
Louisiana-Pacific Corporation's recent management change comes at a time when the company is showing strong financial performance. According to InvestingPro data, LPX has a market capitalization of $8.14 billion and has demonstrated impressive revenue growth of 11.07% over the last twelve months as of Q3 2024. The company's profitability is also noteworthy, with a gross profit margin of 28.43% and an operating income margin of 18.6% for the same period.
InvestingPro Tips highlight that Louisiana-Pacific has a perfect Piotroski Score of 9, indicating strong financial health. This score aligns well with the company's decision to strengthen its leadership structure, particularly in financial reporting. Additionally, management has been aggressively buying back shares, which often signals confidence in the company's future prospects.
For investors interested in dividend growth, LPX has raised its dividend for 7 consecutive years, with a current dividend yield of 0.9%. This consistent dividend growth, combined with the company's strong financial metrics, suggests that Louisiana-Pacific is well-positioned to maintain its financial stability under the new accounting leadership.
InvestingPro offers 20 additional tips for LPX, providing a comprehensive analysis for investors looking to delve deeper into the company's potential.
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